Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-06-19
THE RICHMOND DISPATCH -.SUNDAY. JUNE 10. 1887.

luSFu 10 suDScfiDc 10 UciHAVpihvNN,
improvements. IL there is an old tum-
ble-dovn house close to their pro-
periy. or on it, they never subscrl0e q
penny to have it taken away, nor
will they subscribe for the cree
ton of church on II fayorl-
bic corner OF the property or
in the neighborhood. They simply
say that in time all these improve
ments will come without expense 10
them. They take scrupulous care
OF their houses. Nothing is allowed TO
decay or remain ont of order. They
seldom cell any OF their real estate
Old John Jacob Astor, largely through
bis real-estate investments, was worth
S25, 600, 600 when he died in 1877. This
seemed n larger fortune then than
double that amount would to-day, be-
cause there were fewer rich men.
OTHER MILLIoyAREs.
The Goelets. the Lorillards. the
Stuyvesants, the Bhinellnders, ani
other wealthy families followed John
Jacob Astors policy in the matter OF
real estate and have amassed great for
tunes partly 10y this means. The I'D
acres below Chambers street seem de-
stined to remain the most valuable 3)J
acres in the world, and these rich fsml-
lies are constantly purchasing property
in that section. Buildings there must
have elevators and rise TO "A height OF
eight or nine stories in some localities
or the rents would not yield fair re-
turn on the investment. Lots in the
neighborhood of Wall street cost
in some cases from $500, 900 to
$4O0. eco. The large plot occupied by
The Mills building cost $1,000, 900, and
the building itself nearly $2,000,0OO
more. The centre OF real estate
values FL New York is in the neighb0r-
hood of the Stock Exchange, or about
the corner of Wall street and Broad
way. The east side of New York on
the island is pretty well built mp, and
only above the Harlem is there much
room for real-estate improvement.
sometimes, however, property IS held
for years in odd hooks of the city
without the least attempt at improve
ment. The old Rutgers mansion, with
two acres, stood on the east side of the
town a little below Grand street for
years when the ground was worth from
IS Coo to SO, 900 a lot, thus re
presenting about 100000 lying
idle. The original Rutgers was a
rich merchant in the days Of the ReyO-
luton. On the west side, mt the cor
ner of Blocker and Charles streets,
the Van Ness mansion stood up to
about 1874. Van Ness was a man of
means. who dislpproyed of new
tangled ideas in New York. aud oscu-
pied the house in which he had lived
for many years up to the day of his
death, calmly ignoring the surging sea
Of population and change around him
and raising cabbages and potatoes IN
his extensive grounds. Counting the
loss of interest on his money, the po
tatoes cost him at least SS0a barrel and
his cabbages s. or s. head. When
he died the green old oasis in the stony
desert of the lower west side of New
York was changed by the enterprising
heirs into brick and mortar, ~ III the
twinkling Of m eye.
SPECTATORS N REAL ESTATE
in yealS gone by made some curious
mistakes in guessing which way fashion
would drift. Many shrewd merchants,
for instance. thought that Second ave-
rue would be the fashionable thorough
fare, but Fifth avenue threw 1t into
comparative obscurty. Others thought
that west Fourteenth street would be
the favored haunt of wealthand fashion,
and one of the most pretentiOus
houses built in New York until with
in comparatively few years was
the Douglass mansion on Four
tecnth street between Sixth and
Seventh avenues. The house has Il
frontage and depth of seventy-five
feet, and at the rear there is an adli-
ton covering three lots. The ceilings
are eighteen feet high, and the main
hall is as wide rs some of the old
streets of lower New York or the older
part of Boston. 1t was abandoned as a
residence years ago, was used Tor n
time as tie Metropolitan Museum Of
Art. and is now furniture warehouse.
The fashionable shopping district,
however, t. Just cast Of the oil
mansion, and it will yet become
very valuable property. At the close
of the war there was not a single store
On Fourteenth street west of Broal-
way. 1t Is uoH the very centre OF the
shopping district Even Filth avenue
must bow its head TO the rule OF trade
which is gradually swallowing with
Greedy NAV the stately brownstone
mansions, once the home Of wealth and
fashion. Business is creeping steadily
up the famous thoroughfare, bound
evidently for iity-ninth street, and
the palaces of the Nandcrbilts and Of
-tcwart may yet become warehouses.
trade turning ON its kings and harlss-
ing them with locust plague Of bust
ness enterprise.